新国标来了，外卖大战能走出“囚徒困境”么？

Core Viewpoint - The new national standard for food delivery platforms aims to regulate service management behaviors and improve service quality, addressing issues arising from the subsidy wars among platforms [1] Group 1: Consumer Impact - While low prices attract consumers, consistently pricing below cost raises concerns about the sustainability and quality of food delivery services [2] - The intense competition has led to a significant drop in the average dining price for restaurants, reverting to levels seen a decade ago, which negatively impacts merchant profits [2] Group 2: Merchant Impact - Merchants are compelled to offer discounts due to the subsidy wars, resulting in increased orders but not necessarily higher profits, leading to a situation where they either struggle to survive or cut costs in less visible areas [2] Group 3: Platform Financials - Major platforms like Alibaba, Meituan, and JD have collectively spent an additional 61.4 billion yuan in the third quarter compared to the same period in 2024, averaging a daily expenditure of approximately 680 million yuan [2] - The platforms acknowledge that the price wars have not generated incremental value for the industry and are unsustainable [2] Group 4: New Regulations - The new standard mandates that platforms cannot force merchants into price promotions, ensuring that promotional activities are voluntary [3][4] - It requires platforms to verify the legitimacy of merchants, including their business licenses and food operation permits, to eliminate "ghost kitchens" that lack physical storefronts [5][6] - The regulations also provide delivery personnel with rights to reasonable working hours and breaks, aiming to reduce the risks associated with overwork [7][8] Group 5: Industry Outlook - The introduction of the new national standard is seen as a pathway for the food delivery industry to transition from a model driven by cash burn and competition to one focused on service quality and sustainable growth [9]